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The safety of our team and clients is very important to us. Effective March 23, we will temporarily close our physical office and will work remotely. We will continue to support and guide our clients through these difficult times. We continue to work with clients and consultations can be scheduled for Zoom or phone meetings. To reach us, call the office at 516-587-5555 or email us at MD@davidovlaw.com or ILANA@davidovlaw.com. We look forward to continuing to serve you.

Preserve Your Legacy

Estate Planning | Elder Law | Special Needs Planning

DEALING WITH AN UNEXPECTED INHERITANCE

Dealing with an Unexpected Inheritance

Sometimes, you might be expecting to receive an inheritance and you know what to do with it before it comes. However, if you receive an unexpected inheritance, you might not know what all of your options are and what to do with the inheritance. An estate planning attorney can assist you in making sure that you do everything you need to do with the inheritance.

In some cases, you might not want the inheritance. For example, if you have to pay taxes on inherited real estate, owning the property might not be a good option in some financial circumstances. In this case, you can disclaim the inheritance. However, you have a limited time to do so and you must make your disclaimer properly. An attorney can help you disclaim an inheritance properly.

In other cases, you might need to pay taxes on an inheritance. Experienced estate planning attorneys are used to explaining what taxes need to be paid and when. The attorney can make sure that you do not get in trouble with the taxing authorities.

An estate planning attorney can help you with an unexpected inheritance in other ways. In most cases, your conversation with the attorney will be relatively short. The important thing is to have the conversation and make sure that you do everything right.

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